The global sealants market has been predicted to reach a value of $9.5 billion by 2018, driven by strong demand in developing countries like Asia-Pacific and Latin America.
A sealant may be viscous material that has little or no flow characteristics and stay where they are applied or thin and runny so as to allow it to penetrate the substrate by means of capillary action.
Sealants find widespread use in myriad industries ranging from construction, transportation, packaging to wood working.
Construction and transportation industries represent the two largest end-use sectors, accounting for a lion's share in sealants demand worldwide.
In the construction sector, sealants are used for building, maintaining and protecting residential structures, civil infrastructure and commercial facilities.
In the transportation sector, particularly in automobiles, sealants are used for vehicle window sealing and glazing, corrosion protection and vibration and sound deadening applications.
Environmental concerns and regulations have always weighed down upon sealants, as the industrial chemical waste generated by this industry is one of the primary sources of environmental pollution. Formulation and production of eco-friendly sealants like water based and non-solvent sealants are growing in popularity.
A key factor fuelling the trend toward bio-degradable and organic sealants is the increasing volatility in supply and prices of basic raw materials used in conventional sealant production. Increasing prices of crude oil, and supply pressures exerted by factors such as natural calamities are benefiting the market for bio-derived sealants.
Europe represents the largest global region, however, the weak construction and automotive industries in the region are negatively influencing market demand. The outlook for the construction and automotive industries in Europe remains overshadowed by the economic drag exerted by factors like increasing taxes, reducing private construction spends and government spends in infrastructure, declining sales of automobiles and ballooning overcapacity.
Asia-Pacific is forecast to emerge as the fastest growing market with a projected compound annual growth rate (CAGR) of 7.3% through to 2018. Growth in the region is led strong infrastructure and construction investments in China, India, Taiwan, Vietnam and South Korea.
For more information on the global sealants market, see the latest research: Global Sealants Market
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